No one who lives in southeast Michigan needs a reminder that the region has been one of the epicenters of a massive economic recession. But it might help to remember that there will be a light at the end of the tunnel, and you can reach that tunnel in better shape if you are prudent in how you lead your business. You can take steps to become more opportunistic, managing your spending and focusing your employees on the vision and mission of your company.
Over the past couple of years, Smart Business Detroit has spoken with a number of Detroit-area business leaders about the steps they’re taking to help their companies weather the economic storm. Below is a sampling of what three of them had to say.
“Employees are smart, and many of our employees have been here a long time. They can see when we are going after the real problems, not just the appearance of problems. That’s one way we convinced them of our intentions through actions instead of words.”
Marty Kahn, CEO, ProQuest LLC
“Take all of the other distractions away. Get rid of ancillary businesses, ancillary and unimportant initiatives, things that are taking away from the core, uniform strategy that you’re trying to deploy. It’s an ongoing effort. It’s an evolution, and you keep working through it. You keep building momentum over time, and eventually it does pick up."
MaryAnn Rivers, president and CEO, Entertainment Publications LLC
“As you think about the future of your organization, you have to do scenario planning. You need to come up with best-case, most-probable-case and worst-case scenarios. You need to be able to anticipate and stay ahead of the curve. Leaders need to do that all the time.”
Patricia Maryland, president and CEO, St. John Health System
Employees know when you're addressing the real problems
Get rid of factors that take away from your core businesses
Plan for many possible situations